Beauty and personal care e-commerce platform Purplle acquired beauty and skincare brand, Faces Canada. Both companies are backed by Sequoia Capital.
The acquisition comes after Purplle raised $60 million last month from Premji Invest, the family office of Wipro founder Azim Premji, and valued the consumer brand (D2C) at $630 million. Weeks prior to that company had raised $75 million from Kedaara Capital.
"With a strong existing portfolio, this acquisition will elevate our cosmetics portfolio with world-class innovative products. Together we will work to take it to the next level for the benefit of a diverse group of consumers," said Manish Taneja, co-founder and CEO of Purplle.com.
In March, the company raised $45 million (approximately Rs 330 crore) from investors led by Sequoia Capital India and existing backers, including Verlinvest, Blume Ventures, and JSW Ventures.
It has raised $30 million in Series C funding, led by Goldman Sachs, at the end of 2019.
The company is considering several other acquisitions to increase its beauty presence, B2B reported last month.
Founded in 2012 by Taneja and Rahul Dash, its cosmetic brands include Purplle Good Vibes, NY Bae, and Purplle. It has seven million monthly active users.
Through this partnership, we aim to expand our shared values, resources and reach untapped pockets of the country. "This collaboration will further our agenda to build the most comfortable and accessible global quality cosmetics for Indian consumers," said Kunal Gupta, chief executive of Faces Canada.
Faces will continue to operate independently and expand its existing portfolio under Purplle.com.
Purplle has a catalog of more than 1,000 brands and 50,000 offerings in categories including makeup, skincare, haircare, personal care, fragrances, and personal care devices.
The platform expects to end the current financial year with an annual gross merchandise value (GMV) operating rate of Rs 1,400 crore, according to the statement.
The beauty space has been a buzz in recent months.
Omnichannel cosmetics retailer Nykaa, which made its public market debut last month, acquired the Dot & Key skincare brand earlier this year. The Good Glamm Group recently purchased the mother and baby care brand The Moms Co and is said to be in advanced talks to acquire the premium beauty brand St Botanica.
Mamaearth has also raised $50 million in a round led by Belgian investment fund Sofina Ventures, valuing personal care brand D2C at $730 million.
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